SK Signet Secures First Order Contract with US Unicorn 'Terawatt'

First Transaction Initiated with 'Terawatt' After Raising Over 1 Trillion Won Investment

SK Signet US Factory Site. Photo by SK Signet

SK Signet, the No.1 player in the U.S. ultra-fast electric vehicle (EV) charging market, announced on the 27th that it has successfully secured its first contract with TeraWatt Infrastructure, a unicorn company and EV charging station operator (CPO) that has attracted over 1 trillion KRW in investment. The two companies plan to maintain a long-term cooperative relationship following this deal.

In July last year, TeraWatt Infrastructure’s management visited South Korea and personally experienced charging at stations equipped with SK Signet chargers, confirming the company’s excellent technology. After several rounds of practical discussions and on-site inspections, the first transaction began in January this year.

TeraWatt Infrastructure, founded by Neha Palmer, former head of Google’s energy strategy, has attracted approximately 1.4 trillion KRW in investment and is one of the notable players in the U.S. charging market. With the NEVI program, which aims to install ultra-fast charging stations every 80 km (50 miles) along U.S. highways, gaining momentum, TeraWatt Infrastructure has established a long-term partnership with SK Signet, which can quickly meet the subsidy criteria supported by this program.

On February 15 (local time), the U.S. government announced specific standards applying the Buy America Act to EV chargers, adding a requirement to use U.S.-made steel for external cases in addition to the existing final assembly conditions within the U.S. Since manufacturers and parts suppliers for steel cases must be secured immediately, manufacturers with a strong domestic supply chain will dominate the NEVI market. SK Signet has already conducted practical consultations and inspections with U.S.-based case manufacturers since 2022, and the company views the clarified standards as a favorable opportunity.

Park Heung-jun, Chief Marketing Officer (CMO) of SK Signet, stated, “SK Signet is preparing to produce new products at its U.S. factory starting in the second quarter of this year, and we have secured a U.S.-based steel case manufacturer, making us a manufacturer of EV chargers that can meet the Buy America Act requirements.” He added, “With the application of the NEVI program and the IRA law, the U.S. EV charger market will become more competitive, and we plan to quickly gain an advantage with our prepared production facilities and supply chain.”